Ghana’s economy grew by 3.2% in second quarter of 2023

Ghana’s economy grew by 3.2% in quarter two of 2023, according to the latest figures from the Ghana Statistical Service (GSS).

This, however, is 0.3 percentage points lower than the 3.5% recorded in the same period in 2022.

Addressing members of the press on Wednesday (20 September 2023), the Government Statistician, Professor Samuel Kobina Annim, said six subsectors contracted in quarter two of this year.

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“The provisional real quarterly gross domestic product (QGDP) growth rate, including oil and gas, is 3.2% (year on year) in the second quarter of 2023. In the same period of 2022, the growth was 3.5%.

“The GDP growth rate without oil and gas (non-oil GDP) for the second quarter of 2023 is 3.2%, which compares to the same period in 2022 with a growth rate of 4.8%,” he said.

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“The services sector recorded the highest growth, of 6.3%, followed by the agriculture sector with a growth of 6.0% and the industry sector with a contraction of -1.9% growth rate,” Annim added.


The sectors that contracted are construction, which recorded -11.7%; wholesale and retail trade. Repair of motor vehicles and motorcycles also contracted by 5.3%.

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The other areas in which the economy contracted are electricity (a sharp drop at -5.1%), forestry (-4.2%), water supply, sewerage, waste management and remediation activities, with -3.3%, and manufacturing, which registered a decline (-0.5%).



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